2 years ago
Discussing Bitcoin and Federated Ecash, a Blockstream-sponsored task that builds connected David Chaum's Digicash startup from the aboriginal 1990s.
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In this occurrence of "Bitcoin, Explained," hosts Aaron van Wirdum and Sjors Provoost are erstwhile again joined by nonmigratory sidechain and Layer 2 adept Ruben Somsen, this clip to sermon Federated Ecash, a task that has been sponsored by Bitcoin infrastructure institution Blockstream since October 2021.
In the episode, van Wirdum, Provoost and Somsen discussed the past and plan of Ecash, a pioneering integer currency task developed by cryptographer David Chaum and his startup Digicash successful the aboriginal 1990s. The trio explains however the Ecash strategy allowed customers of regular banks to marque backstage transactions implicit the internet.
This latest iteration of Ecash, Federated Ecash, takes the archetypal concept, but applies it to beryllium utilized by custodial (or shared custodial) Bitcoin and Lightning wallets. In short, a Federated Ecash work would judge bitcoin deposits, and speech them for bitcoin-denominated Ecash tokens. These tokens tin beryllium nonstop to different users, and yet redeemed for the deposited bitcoin. These bitcoin would, successful the meantime, beryllium locked up successful a multisig code shared betwixt a acceptable of custodians.
Concluding the episode, van Wirdum, Provoost and Somsen went implicit a abbreviated database of perfect properties for a integer currency system, and asses however Bitcoin, Ecash and the operation of the 2 embed these properties.
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